Laura Ashley posts €413,208 net profit

FASHION AND home furnishings retailer Laura Ashley made a net profit of €413,208 from its Irish stores in the year to the end of January 2009, less than a third of the value of the net profits it made in the previous year.

Turnover at Laura Ashley (Ireland) actually increased slightly over the period to €13 million, according to accounts just filed at the Companies Office.

The fall in profits, down from €1.4 million in the year to January 2008, was due to higher costs and expenses.

Pretax profits at the British-owned company – which is known for its feminine florals, chintzy fabrics and pastel-hued designs – fell from €1.9 million to €550,225 last year.

The company’s directors said they considered the state of affairs of the company to be “satisfactory” and said the present level of activity would continue “for the foreseeable future”.

Laura Ashley increased its average number of employees last year to 80, up from 60 the year before.

This meant wage and other staff-related costs increased from €1.68 million to €2.3 million in the year to the end of January 2009.

Laura Ashley, the parent company of which is incorporated in the United Kingdom, has a number of stores in the Republic, including its store on Dublin’s Grafton Street, and additional retail outlets in Cork, Limerick, Galway, Athlone and Blanchardstown.

It also has a concession in the House of Fraser store in Dundrum.

The company was started by the late Laura Ashley and her husband Bernard, who started designing and printing textiles from their home in London in 1953.